The boss of British fintech group Wise is facing a regulatory probe over unpaid taxes, the company said Monday.
Tax authorities had in September placed Kristo Kaarmann, chief executive and co-founder of the money transfer specialist, on a list of âindividuals and businesses receiving penalties for a deliberate default regarding their tax affairsâ, Wise revealed in a statement.
The Financial Conduct Authority watchdog has âcommenced an investigation regarding the regulatory obligations and standards to whichâ he is subjected, the company added.
Kaarmann âintends to cooperate fully with the FCA in its investigationâ, it said.
The business conducted its own investigation last year and has shared findings with the FCA, which declined to comment on Mondayâs news.
Britainâs tax authority, HM Revenues and Customs, has fined Kaarmann almost ÂŁ366,000 ($449,225), around half the amount due in annual tax four years ago.
The companyâs share price fell 1.6 percent to stand at ÂŁ3.75 in afternoon London trading.
This is less than half its stock market launch price almost a year ago, when the group was valued at ÂŁ8 billion.